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Tag Archives: Economics

Tag Archives: Economics

Mental accounting bias

28th January 2022

“Mental accounting” is a term commonly used in the Lazy FI household, mainly in the phrase “We don’t use mental accounting in this family”. In this post, I explain what it is with a few examples.

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Categories: By Lazy FI Dad, For everyone Tags: Economics

Posted by LazyFiDad

Sunk costs- letting go of the past

18th June 2021

In a previous post, I explained one of my favourite concepts in economics- diminishing marginal utility. Today I want to go over another concept I like from the world of economics, sunk costs. What does sunk cost mean? In simple terms, a sunk cost is “a cost that has already […]

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Categories: By Lazy FI Dad, For everyone Tags: Economics

Posted by LazyFiDad

Diminishing marginal utility- having enough

9th April 2021

Would an additional £1,000 affect you and Bill Gates the same? Why not? Diminishing marginal utility is the answer.

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Categories: By Lazy FI Dad, For everyone Tags: Economics

Posted by LazyFiDad

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